Add maintenance/cap ex, vacancy, PM, misc and this is likely negative more than $500/month even if self managed (much more than the negative $200 that you indicate you are ok with) 2) if you are behind on mortgage, how are you going to handle being negative $200/month, or more like negative $500/month?

All you need is a single place to track tenant information, payment history, maintenance, and a few other things.

Ask a home inspector for their mold guy if you don't have one already.If these are otherwise high maintenance tenants: offer them the opportunity to break the lease and move out with no penalty (besides damages, of course).

Spending more than 100 hours and more than anyone else, or substantially all the time in the business.So if you own an STR and meet the test, you can set up a tax deduction machine.Some issues -- You have to count your time, and the time other people work in the biz (cleaning, maintenance, etc..)- If use the property more than 15 days or 10% of the time it becomes a residenceI suspect this is part of why the STR trend has picked up so greatly amongst professionals working in tech.

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

My take: Gather intel on the area (neighborhoods, tenant demand, property management), have a game plan for your numbers (cash flow, maintenance reserves), and adapt as you go.

what about landscape/yard maintenance?

A few things to keep in mind:Section 8 requires the property to pass an inspection based on HUD’s Housing Quality Standards (basically making sure it’s safe and well-maintained).The rent you charge has to align with Fair Market Rents (FMRs) in your area, so it’s good to check what similar properties are renting for.You’ll still be responsible for maintaining the property, but the upside is that a chunk of the rent is guaranteed by the government, which can provide steady income.Check with the local housing authority about any specifics for your area—every jurisdiction does things a little differently.This could be a great niche if you can find a good deal on the land and make sure your expenses (like maintenance, insurance, and occasional vacancies) are covered by the rental income.

One more I can add is the note investor who thought that holding the note gave him the right to determine how the subject property was managed, with approval of tenants, leases, and maintenance contracts.  

Most of the time, you're not doing anyone any favors by keeping rents too low - you're running a business and taxes / insurance / HOA / Maintenance are likely to continue to increase.